We understand that dealing with financial matters after losing a loved one can be overwhelming. This guide explains how to settle a deceased person’s Banqup account.
How we can help
Provide information on bank accounts (e.g. statements, balance).
Transfer funds from the deceased person's Banqup account to the inheritors' accounts.
Close the account once funds have been transferred.
Required documents
To protect everyone's interests and comply with legal requirements, we need the following documents before we can transfer any funds:
Essential documents
Death certificate: A copy of the official death certificate.
Certificate of inheritance: This notarised document identifies who the legal heirs are and who is authorised to manage the estate. A notary prepares this document.
Copy of ID: Identification documents for all inheritors or appointed representatives.
Additional documents (if applicable)
Declaration of Execution: If the deceased named someone in their will to handle the estate.
Extract from the Central Register of Wills: If the deceased has a will.
Bank statement from inheritor(s): Confirming your name and account number where funds should be transferred.
Indemnity form: An indemnity is a statement indicating that you are authorised to handle a deceased person's money affairs. If it later turns out that this was not the case, you may have to repay all or part of the money you received. You do not need to apply for an indemnity from a notary; you will receive this document from the bank, for your signature.
Process for settling the account
Step 1: Submitting your request and documents
Contact Banqup customer support to inform us of the passing and submit all required documentation. You can do this:
Through the messenger at the bottom-right corner of this page.
By email to [email protected].
Please include:
Description of your request.
Identity of the deceased person.
Bank account number of the deceased person.
Certificate of inheritance.
Identity of the inheritors.
Bank account number of the inheritors.
Division of the money to transfer amongst the inheritors (if communicated).
Step 2: Transferring the funds
Once we've verified the documents you provided, the funds will be transferred to the inheritors’ accounts. We'll let you know when the transfer has been completed.
Step 3: Closing the account
To close the account after the funds have been transferred, please follow these steps:
Let us know you’d like to close the account.
Confirm that all funds have been successfully transferred to the inheritors’ bank accounts.
Our team will close the account and confirm the account has been closed.
Important notes
The funds must be transferred before an account can be closed.
The Certificate of Inheritance is the key document that determines who is legally entitled to receive funds.
FAQ
How long will the process take?
We'll do our best to handle your request as quickly as possible. However, due to the thorough verification checks required for account settlement after a passing, the process may take some time. After all verifications are done, the funds will be transferred within 1-2 business days.
What if we don’t have the Certificate of Inheritance yet?
We can only begin the account settlement process after receiving all required documents, including the Certificate of Inheritance. This document is essential as it legally identifies who is entitled to access the funds. Please contact us when you have obtained the Certificate of Inheritance, and we'll guide you through the next steps of the process.
Do all inheritors need to provide a copy of their ID?
Yes, we need identification for all inheritors listed in the Certificate of Inheritance. Please note that a bank statement (see above) will also be required for each inheritor when a money transfer is requested.